Legal Question in Wills and Trusts in California

Question on Estate of Value

When Asked to give approx Value of my parents contents of home, furn, Antiques. WE over estimated the value. We just Guessed. We turned in what we thought was a approx value for my parents. Come to find out in moving them, The so called estimate is way off. What we saw as antiques broke as we moved them, The beds were old. Dinning set was in Poor shape as we never took the table cloth off to examine closer, It was a lot of so Called Junk from the late fifties.They never updated. We set value of 10,000 But in realiality you have to find a buyer and You cannot get what You think it is worth I don't know why Our Attorney and CPA did not inform us that perhaps we should of got a appraiser...We are new at this. Now,that it is in the will as listed Assets of furniture 10,000 and antiques of 3,000, Is there something we can do to change the value of the estimate we gave.

Parents now both have senility so no help there. I am asking you before I ask parents attorney. Also he is so expensive and never available when we try to get intouch with him....What can we do

If anything.


Asked on 12/30/07, 1:22 pm

2 Answers from Attorneys
George Shers Law Offices of Georges H. Shers

Re: Question on Estate of Value

For what reason did you have to give the estimate? If your parents are alive and you merely made the estimate to determine who gets what for their wills, then the Will only speaks as to what exists at the time of death and does not bind anyone. If the Will states that X gets an amount equal to what the furniture is now estimated at, then you need to make a change.

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Answered on 12/30/07, 5:23 pm
Mitchell Roth MW Roth, Professional Law Corporation

Re: Question on Estate of Value

The claimed value in a will means nothing. A will has no legal affect until the death of the maker, and then the will must be proved up in a probate court proceeding to be valid. A personal representative of the estate needs to be appointed and the valuation of all assets will be determined in the probate.

If your parents are senile, and there is no living trust that "owns" all of the assets, and no durable general power of attorney, you can and should file for appointment of a conservator of the estate who can take control of their assets with court approval and supervision.

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Answered on 12/30/07, 10:38 pm


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